Acetonitrile Market Growth Analysis | 2023-2028

Market Insights

The acetonitrile market was estimated at USD 410.5 million in 2022 and is likely to grow at a CAGR of 6.2% during 2023-2028 to reach USD 590.58 million in 2028.

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What is acetonitrile?

Acetonitrile is a chemical compound characterized by its formula CH₃CN. It is a colorless, volatile, and flammable substance known as the most basic organic nitrile and has toxic properties. It demonstrates compatibility with a wide range of organic solvents. The production of acetonitrile is often a byproduct of acrylonitrile production, although the amoxidation process is commonly employed for its synthesis. Acetonitrile finds application as a polar aprotic solvent in the purification of butadiene and is also used in pesticide manufacturing, among other industries.

Market Dynamics

The pharmaceutical industry serves as the primary market driver for the global acetonitrile industry. Acetonitrile plays a crucial role in pharmaceutical production, being utilized as a reagent, reaction solution, or extraction liquid. It serves as a precursor in the synthesis of cortisone, Vitamins A and B, carbonate medicines, and specific amino acids, contributing to substantial demand within this industry.

Furthermore, acetonitrile experiences high demand from high-performance liquid chromatography (HPLC), where it functions as a mobile phase. Additionally, its application in the purification of butadiene further contributes to the expansion of the market.

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Segment Analysis

By Type

The acetonitrile market is segmented into derivatives and solvents. The solvents segment is expected to witness substantial growth driven by its expanding role in pharmaceutical production and the manufacturing of photographic film. Additionally, the growing utilization of acetonitrile as a solvent in the production of rubber goods, fragrances, insecticides, acrylic nail removers, and batteries is expected to create growth prospects from 2023 to 2032.

By Application Type

The market is segmented into pharmaceutical, analytical industry, agrochemical, and extraction. Pharmaceuticals will hold the largest share in the coming years. The pharmaceutical sector is the largest consumer of acetonitrile, accounting for a significant portion of the market demand. Acetonitrile's solvent properties make it essential for pharmaceutical research, development, and production processes.

Regional Insights

Asia-Pacific is expected to remain the largest market for Acetonitrile during the forecast period. The expected rise in agricultural activities and the easy accessibility of fertilizers and pesticides in developing economies, despite the rapid spread of coronavirus infections, are key factors driving the demand for acetonitrile. Additionally, the substantial increase in the supply of pharmaceutical products from the regional market will further contribute to the growing demand for acetonitrile in these end-use industries.

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Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The acetonitrile market is segmented into the following categories.

By Type

• Derivative
• Solvents

By Application Type

• Pharmaceutical
• Analytical Industry
• Agrochemical
• Extraction

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Argentina, and Others)

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Key Players

The market is highly populated, with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors, including price, product offerings, regional presence, etc. The following are the key players in the acetonitrile market:

• Almatis GmbH
• Asahi Kasei Corporation
• Avantor Performance Materials, LLC
• Formosa Plastic Corporation
• Imperial Chemical Corporation
• Ineos AG
• Nantong Acetic Acid Chemical Co., Ltd.
• Nova Molecular Technologies, Inc.
• Qingdao Shida Chemical Co., Ltd.
• Shanghai Secco Petrochemical Company Limited
• Tedia Company, Inc.

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s acetonitrile market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.

The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.